Place

For a selection to place, it must finish in the first X number of places. For example, bookmakers may offer 3 places on an each way horse racing bet. In this instance, the horse must place in the top 3 in order for the each way component of the bet to be paid.

This term has historically been used for horse racing but now bookmakers offer to payout for places on outright betting on a variety of different sports such as football.